BizTerm Definition
Short Definition
Legal relationship between 2 or more people
Full Definition

A legal relationship existing between two or more persons contractually associated as joint principals in a business.

Also, the tax status of a LLC with two or more members.

Partnerships file their taxes using Form 1065 on the 15th day of the 4th month following the date its tax year ended. Partners (Members for LLCs) receive a K1 describing the distributive share of the profits or losses of the partnership which are then recorded on their personal 1040 tax return.

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